Day: January 6, 2025

Amman: The National Arab Mining and Manufacturing Industries Co. has inked a deal with Ithmar Invest PSC to launch a JD40 million ($56.4 million) initial public offering planned for the second half of 2024, executives announced Monday. The newly formed mining company, which registered with Jordan’s Ministry of Industry and Trade on Jan. 3 with JD1.35 million in initial capital, aims to tap into growing demand for battery materials and agricultural minerals.

According to Jordan News Agency, “We’re positioning ourselves at the intersection of the energy transition and food security,” said Hamdi Tabaa, chairman of National Arab Mining. “Our focus will be on minerals critical for battery storage and fertilizer production.” The company plans to acquire exploration rights for phosphates, copper, and other minerals while pursuing partnerships with international mining firms, Tabaa told reporters at a signing ceremony in Amman. Projects will align with global climate goals, including carbon neutrality targets set at recent COP summits.

Ithmar Invest CEO Fawaz Ghannam said the IPO would help strengthen Jordan’s capital markets while providing growth capital for the mining sector. “This listing demonstrates the vital role financial markets can play in funding strategic industries,” he said. The new public company will eventually acquire all assets and agreements from National Arab Mining, according to the executives. They did not disclose timing or valuation details for the planned acquisition.

Amman: Trade documentation issued by Amman commerce chamber dropped 4.6 percent in value last year despite a rise in export volumes, highlighting shifting trade patterns in the region.

According to Jordan News Agency, the Amman Chamber of Commerce issued JD1.37 billion ($1.92 billion) worth of certificates of origin in 2023, down from JD1.43 billion in 2022, while the number of certificates rose 7.5 percent to 38,320, official data shows.

Iraq remained the dominant export destination, with shipments valued at JD691 million ($973 million), followed by Saudi Arabia at JD113 million and Egypt at JD105 million. The UAE and Switzerland rounded out the top five markets.

“The rise in certificate numbers despite lower values reflects changing trade dynamics and possibly lower unit prices,” said [Chamber official name, if available], noting that re-exports made up half the total at JD687 million.

Industrial exports accounted for JD291 million, while agricultural shipments reached JD188 million. Arab-origin goods totaled JD91 million of certified exports.

Saudi Arabia led in documentation volume with 11,245 certificates issued, followed by the UAE with 4,111 and Iraq with 2,795, highlighting the kingdom’s strong regional trade ties.

Amman: The Lower House of Parliament began its 2025 budget deliberations Monday against a backdrop of dwindling international refugee support and persistent economic challenges, with lawmakers examining a JD12.51 billion spending package that aims to boost public sector wages while maintaining fiscal discipline.

According to Jordan News Agency, the session, chaired by House Speaker Ahmed Safadi and attended by Prime Minister Jafar Hassan, heard stark warnings about the impact of declining foreign aid for the kingdom’s substantial refugee population. Finance Committee rapporteur Awni Zoubi revealed international support has dropped to cover just 15 percent of refugee-related costs. “International commitments have fallen dramatically,” Zoubi told lawmakers, noting only $285 million in aid was received – $132 million for refugees and $152 million for host communities.

The shortfall comes as refugee poverty rates are projected to surge to 80 percent by 2025 from 67 percent in 2023. The government’s JD12.51 billion spending plan, up 6 percent from 2024, forecasts revenues of JD10.23 billion. Tax revenue is expected to reach JD7.12 billion, with income tax contributing JD1.83 billion and sales tax JD4.84 billion. Foreign grants are projected at JD734 million, marking a slight decline.

In a key move to address public sector concerns, the Finance Committee recommended cutting JD40 million from current expenditures – divided equally between government departments and units – to fund salary increases for civil servants and military retirees.

Committee Chairperson Nimer Sulehat said the budget also envisions creating 11,000 new jobs in education and health. The economy showed mixed signals, with agriculture growing 5.9 percent and manufacturing rising 3.5 percent, while construction contracted 2.2 percent.

The industrial sector dominated investment flows, capturing JD552.4 million or 75.5 percent of total investments. Unemployment remains high at 21.5 percent despite a slight improvement, while inflation eased to 1.35 percent.

Key allocations include JD242.5 million for basic goods subsidies, JD135 million for healthcare, and JD75 million in university support. The debate continues with MPs given 10 minutes each to respond, and bloc representatives allocated 20 minutes.

The budget discussions reflect Jordan’s delicate balancing act: maintaining social support and managing refugee costs while pursuing fiscal stability amid reduced international assistance. The Finance Committee pledged quarterly monitoring of the government’s implementation of its recommendations.

Zaatari: The King Salman Humanitarian Aid and Relief Center (KSrelief) and the Jordan Hashemite Charity Organization (JHCO) have successfully concluded a 14-month specialized medical clinics project in the Zaatari camp, offering vital health services to Syrian refugees.

According to Jordan News Agency, the project provided comprehensive primary and secondary medical care, adhering to both local and international medical standards. Services covered general medicine, pediatrics, gynecology, internal medicine, ENT, cardiology, ophthalmology, dental care, emergency care, minor surgeries, and physiotherapy.

The initiative also included an integrated laboratory and X-ray imaging services, ensuring thorough diagnostic and therapeutic support. A fully stocked pharmacy catered to various medical needs, from acute to chronic.

Naif Shammari, Director of the KSrelief in Jordan, emphasized the center’s commitment to supporting affected communities through essential health projects. He highlighted the project’s role in delivering comprehensive healthcare to Syrian refugees, fulfilling their medical needs.

Hussein Shibli, Secretary-General of the JHCO, affirmed the ongoing partnership with the KSrelief, noting that the project significantly improved healthcare quality for Syrian refugees. He expressed gratitude to all contributors and acknowledged the project’s impact on enhancing the beneficiaries’ quality of life and reinforcing humanitarian cooperation.

Zarqa: Authorities apprehended a man in Zarqa on Monday for allegedly opening fire on his wife and son, injuring the former and fatally wounding the latter. The wife was transported to Zarqa Governmental Hospital, where medical personnel described her condition as moderate.

According to Jordan News Agency, a spokesperson for the Public Security Directorate underscored that an investigation is underway to determine the circumstances surrounding the incident, which occurred on Sunday evening.